|
|
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
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||
|
|
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d) |
Exhibits.
|
Exhibit No.
|
Description
|
|
Press release of Chembio Diagnostics, Inc., dated November 5, 2020
|
||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
Chembio Diagnostics, Inc.
|
||
Dated: November 5, 2020
|
By:
|
/s/ Richard L. Eberly
|
Chief Executive Officer and President
|
• |
Achieved total revenue of $10.3 million and product revenue of $8.4 million for the third quarter of 2020, representing growth of 6% and a decrease of 1% respectively, compared to the prior year period
|
• |
Submitted an Emergency Use Authorization (EUA) application to the U.S. Food and Drug Administration (FDA) for the DPP SARS-CoV-2 Antigen test system, which was funded with the support of the U.S. Department of Health and Human Services,
Office of the Assistant Secretary for Preparedness and Response; Biomedical Advanced Research and Development Authority (BARDA) under Contract No. 75A50120C00138
|
• |
Submitted an EUA application to the FDA for the DPP SARS-CoV-2 IgM/IgG test system
|
• |
Received FDA Pre-Market Approval (PMA) for the DPP HIV-Syphilis System, the first rapid test approved in the U.S. to aid in diagnosis of both HIV and Syphilis from single patient sample
|
For the three months ended
|
For the nine months ended
|
|||||||||||||||
September 30,
2020
|
September 30
2019
|
September 30,
2020
|
September 30,
2019
|
|||||||||||||
REVENUES:
|
||||||||||||||||
Net product sales
|
$
|
8,406,457
|
$
|
8,510,629
|
$
|
17,914,623
|
$
|
23,381,906
|
||||||||
R&D and grant revenue
|
1,654,500
|
971,980
|
3,756,161
|
3,528,033
|
||||||||||||
License and royalty revenue
|
211,521
|
238,330
|
572,450
|
703,352
|
||||||||||||
TOTAL REVENUES
|
10,272,478
|
9,720,939
|
22,243,234
|
27,613,291
|
||||||||||||
COSTS AND EXPENSES:
|
||||||||||||||||
Cost of product sales
|
7,467,746
|
6,649,114
|
17,512,925
|
18,112,676
|
||||||||||||
Research and development expenses
|
2,351,880
|
2,223,939
|
6,233,040
|
6,542,591
|
||||||||||||
Selling, general and administrative expenses
|
5,348,958
|
4,455,588
|
13,903,192
|
12,565,601
|
||||||||||||
Severance, restructuring and other related costs
|
11,651
|
-
|
1,122,310
|
-
|
||||||||||||
Acquisition Costs
|
-
|
-
|
63,497
|
395,612
|
||||||||||||
15,180,235
|
13,328,641
|
38,834,964
|
37,616,480
|
|||||||||||||
LOSS FROM OPERATIONS
|
(4,907,757
|
)
|
(3,607,702
|
)
|
(16,591,730
|
)
|
(10,003,189
|
)
|
||||||||
OTHER INCOME:
|
||||||||||||||||
Interest Expense, net
|
(735,819
|
)
|
(195,970
|
)
|
(2,110,011
|
)
|
(183,368
|
)
|
||||||||
LOSS BEFORE INCOME TAXES
|
(5,643,576
|
)
|
(3,803,672
|
)
|
(18,701,741
|
)
|
(10,186,557
|
)
|
||||||||
Income tax benefit
|
104,778
|
20,667
|
319,597
|
400,339
|
||||||||||||
NET LOSS
|
$
|
(5,538,798
|
)
|
$
|
(3,783,005
|
)
|
$
|
(18,382,144
|
)
|
$
|
(9,786,218
|
)
|
||||
Basic and diluted loss per share
|
$
|
(0.28
|
)
|
$
|
(0.22
|
)
|
$
|
(0.98
|
)
|
$
|
(0.58
|
)
|
||||
Weighted average number of shares outstanding, basic and diluted
|
20,104,547
|
16,923,695
|
18,728,372
|
16,912,583
|
(Unaudited)
|
||||||||
September 30,
2020
|
December 31,
2019
|
|||||||
- ASSETS -
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
28,687,453
|
$
|
18,271,352
|
||||
Accounts receivable, net of allowance for doubtful accounts of $276,210 and $62,000 as of September 30, 2020 and December 31, 2019, respectively
|
3,522,498
|
3,661,325
|
||||||
Inventories, net
|
12,363,486
|
9,598,030
|
||||||
Prepaid expenses and other current assets
|
1,007,473
|
693,013
|
||||||
TOTAL CURRENT ASSETS
|
45,580,910
|
32,223,720
|
||||||
FIXED ASSETS:
|
||||||||
Property, Plant and Equipment, net
|
8,033,112
|
5,933,569
|
||||||
Finance lease right-of-use asset, net
|
248,892
|
210,350
|
||||||
TOTAL FIXED ASSETS, net
|
8,282,004
|
6,143,919
|
||||||
OTHER ASSETS:
|
||||||||
Operating lease right-of-use assets, net
|
6,316,221
|
7,030,744
|
||||||
Intangible assets, net
|
3,648,495
|
3,914,352
|
||||||
Goodwill
|
5,696,679
|
5,872,690
|
||||||
Deposits and other assets
|
462,664
|
543,539
|
||||||
TOTAL ASSETS
|
$
|
69,986,973
|
$
|
55,728,964
|
||||
- LIABILITIES AND STOCKHOLDERS’ EQUITY -
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable and accrued liabilities
|
$
|
6,558,782
|
$
|
5,526,243
|
||||
Deferred revenue
|
3,865,754
|
125,000
|
||||||
Finance lease liabilities
|
57,715
|
41,894
|
||||||
Operating lease liabilities
|
710,535
|
568,294
|
||||||
Note payable
|
-
|
180,249
|
||||||
TOTAL CURRENT LIABILITIES
|
11,192,786
|
6,441,680
|
||||||
OTHER LIABILITIES:
|
||||||||
Long-term operating lease liabilities
|
6,448,515
|
6,969,603
|
||||||
Long-term finance lease liabilities
|
200,397
|
171,953
|
||||||
Long-term debt, less current portion, net
|
18,040,427
|
17,644,149
|
||||||
Deferred tax liability
|
165,326
|
466,326
|
||||||
TOTAL LIABILITIES
|
36,047,451
|
25,252,031
|
||||||
STOCKHOLDERS’ EQUITY:
|
||||||||
Preferred stock – 10,000,000 shares authorized, none outstanding
|
-
|
-
|
||||||
Common stock - $0.01 par value; 100,000,000 shares authorized; 20,213,956 shares and 17,733,617 shares issued at September 30, 2020 and December 31, 2019, respectively
|
202,139
|
177,335
|
||||||
Additional paid-in capital
|
124,622,252
|
95,433,077
|
||||||
Accumulated deficit
|
(89,967,147
|
)
|
(71,585,003
|
)
|
||||
Treasury stock 33,290 and 0 shares at cost as of September 30, 2020 and December 31, 2019, respectively
|
(150,919
|
)
|
-
|
|||||
Accumulated other comprehensive (loss) income
|
(766,803
|
)
|
9,844
|
|||||
TOTAL STOCKHOLDERS’ EQUITY
|
33,939,522
|
24,035,253
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
69,986,973
|
$
|
55,728,964
|
For the nine months ended
|
||||||||
September 30, 2020
|
September 30, 2019
|
|||||||
Net cash used in operating activities
|
$
|
(14,146,887
|
)
|
$
|
(6,398,207
|
)
|
||
Net cash used in investing activities
|
(3,182,180
|
)
|
(2,769,147
|
)
|
||||
Net cash provided by financing activities
|
27,870,382
|
18,517,604
|
||||||
Effect of exchange rate changes on cash
|
(125,214
|
)
|
(6,909
|
)
|
||||
INCREASE IN CASH AND CASH EQUIVALENTS
|
10,416,101
|
9,343,341
|
||||||
Cash and cash equivalents - beginning of the period
|
18,271,352
|
12,524,551
|
||||||
Cash and cash equivalents - end of the period
|
$
|
28,687,453
|
$
|
21,867,892
|